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Bimal Hansaria Versus Income Tax Officer, Ward 4 (2) , Jaipur

2017 (12) TMI 423 - ITAT JAIPUR

Addition u/s 68 - Held that:- The assessee has submitted correct PAN of all the depositors. He has also submitted confirmation from all these depositors. In the case of M.S. Jewellers, which is a proprietory concern of Satya Prakash Khandelwal, it is noticed that the amount of ₹ 50000/- were received by cheque. The assessee submitted PAN and confirmation of the depositor alongwith full address. It is also noticed from the account of the depositor that there was a opening balance of ₹ .....

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therefore, in consequence of that the payments of interest on this deposit is also held to be genuine. Hence, this ground of assessee’s appeal is also allowed. - ITA No. 850/JP/2016 - Dated:- 13-11-2017 - SHRI BHAGCHAND, ACCOUNTANT MEMBER For The Assessee : Shri S.L. Poddar & Ms. Isha Kanongo (Adv) For The Revenue : Smt. Poonam Roy (DCIT) ORDER PER: BHAGCHAND, A.M. This is an appeal filed by the assessee emanates from the order of the ld. CIT(A)-2, Jaipur dated 23/08/2016 for the A.Y. 2003- .....

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/- and addition U/s 69C of ₹ 38,315/-. 3. In the first round of appeal, the ld. CIT(A) dismissed the appeal of the assessee. The Hon ble ITAT vide its order dated 11/3/2014 while deciding the ITA No. 84/JP/2012, set aside the issue to the file of the ld. CIT(A) with the following observation: We have considered the submissions of both the parties and carefully gone through the material available on record. In the present case, it is noticed that the Assessing Officer framed the assessment .....

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f the assessee's paper book wherein the confirmation, acknowledgement of return of income, copy of PAN card and bank statements etc. of the depositors were given. It therefore, appears that the Ld. CIT(A) while confirming the action of the Assessing Officer had not appreciated the facts in right perspective and also did not provide opportunity to the assessee for correcting the clerical mistakes, if any, in PANs. We, therefore, considering the totality of the facts, deem it appropriate to se .....

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also observed by the Hon ble ITAT that the CIT(A) has not commented on the details furnished by the assessee, which are placed at page 1 to 67 of the paper book submitted by the assessee. These documents includes the confirmation, acknowledgement of return of income, copy of PAN card and bank statements etc. of the depositors. 4. In the second round of appeal, the ld. CIT(A) has confirmed the addition. Now the assessee is in appeal before the ITAT by taking following grounds of appeal: 1. Under .....

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the facts and circumstances of the case the Learned CIT(A) has erred in confirming the addition of ₹ 38,315/- u/s 69C on account of unexplained expenses on presumption basis. 5. In the ground No. 1 of the appeal, the issue is sustaining the addition of ₹ 15,07,240/- made U/s 68 of the Act. On this issue, while pleading on behalf of the assessee, the ld AR of the assessee has submitted that the assessee has submitted confirmation from all these depositors. The assessee has also submit .....

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(iii) Asstt.CIT Vs. Swami Complex (P) Ltd. (2007) 111 TTJ (JP) 531. 6. On the other hand, the ld DR has relied on the orders of the authorities below. 7. I have heard both the sides on this issue. The assessee has submitted correct PAN of all the depositors. He has also submitted confirmation from all these depositors. In the case of M.S. Jewellers, which is a proprietory concern of Satya Prakash Khandelwal, it is noticed that the amount of ₹ 50000/- were received by cheque. The assessee s .....

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n, the assessee has submitted full address, alongwith PAN. He has also submitted confirmation. He has also submitted Income tax return of Rishab Marble and also copy of relevant account. From perusal of this, it is found that this amount was received through banking channels. The depositor has confirmed the deposit. He has also submitted IT return of the depositor with full address and PAN, therefore, in my considered view, the assessee was able to discharge the onus U/s 68 of the Act in respect .....

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hus, in this case also, the assessee was able to discharge the onus U/s 68 by establishing the identity, genuineness of transaction and creditworthiness of the depositor. In the case of Saloni Hansaria, the assessee provided correct address, PAN, confirmation and income tax assessment records. From perusal of the confirmation, it is noticed that this amount was old outstanding and brought forward balance was reflected in the account. The amount was received by cheque. Confirmation was submitted, .....

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provided full address, his PAN. In the earlier occasion, there was a clerical mistake in providing PAN but subsequently, the assessee has submitted correct PAN of this depositor. All the transactions were through cheuqes. Therefore, I find no merit in sustaining the addition. In the case of Rajat Medical and provision, a proprietory concern of Radha Gopal Gupta. The assessee has furnished full address alongwith PAN and confirmation. The ld. CIT(A) simply confirmed the addition by stating that t .....

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ed correct PAN of this depositor. All the transactions were through cheuqes. Therefore, I find no merit in sustaining the addition. In the case of Govind Ram, the assessee has furnished full address alongwith PAN and confirmation. The ld. CIT(A) simply confirmed the addition by stating that the copy of bank account of the depositor was not furnished. All the transactions were through cheques. The assessee was able to discharge the onus U/s 68 of the Act by establishing the identity, genuineness .....

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as furnished full address alongwith PAN and confirmation. All the transactions were through cheques. The assessee was able to discharge the onus U/s 68 of the Act by establishing the identity, genuineness of transaction and creditworthiness of the depositor. Hence, the addition is directed to be deleted. In the case of Neelam Kasat, the assessee has submitted full address, alongwith PAN. He has also submitted confirmation. He has also submitted Income tax return and also copy of relevant account .....

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mitted full address, alongwith PAN. He has also submitted confirmation. He has also submitted Income tax return and also copy of relevant account. From perusal of this, it is found that this amount was received through banking channels. The depositor has confirmed the deposit. He has also submitted IT return of the deposits with full address and PAN, therefore, in my considered view, the assessee was able to discharge the onus U/s 68 of the Act in respect of this depositor while establishing the .....

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y concern of Krishan Kumar Khatuwala, the assessee has furnished full address alongwith PAN and confirmation. All the transactions were through cheques. The assessee was able to discharge the onus U/s 68 of the Act by establishing the identity, genuineness of transaction and creditworthiness of the depositor. Hence, the addition is directed to be deleted. The different Hon ble High Courts and the Coordinate Bench of Jaipur ITAT in the following cases have decided such type of issue, which is as .....

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proof-Assessee having filed confirmation from the creditor where the creditor affirmed advancement of loan to assessee, no addition under s. 68 could be made in the hands of assessee on the ground that the creditor could not satisfactorily explain the source of loan- Burden on the assessee in such cases does not extend to prove the source of the creditor from where he made the advance to the assessee. (iii) Asstt. CIT Vs. Swami Complex (P) Ltd. (2007) 111 TTJ (JP) 531 Where complete addresses o .....

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d as an alleged to show that the loan is not genuine and that it was assessee's own money as alleged by him. He has not examined the parties who are said to have advanced money to creditor M by means of cheques. Addition cannot be sustained. (v) Prem Lata Sharma Vs. ITO (ITAT Jaipur Bench) ITA No. 8/JP/2009 dated 24.07.2009 Section 68 - Assessee obtained loan of ₹ 25 lac from 18 different persons. Assessee furnished confirmation and copy of Bank account in respect of 5 persons only. As .....

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